Everybody wants to know when the economy can reopen. In one sense, that’s the wrong question. The economy isn’t “closed.” Many essential businesses are still open. People still buy and sell things. Those sitting at home still engage in economic activity. But it is of a different nature, and the change creates costs.
So what we’re really asking is when the previously normal economy will be back. The answer is “never,” I’m afraid. We will return to something quite different and as yet unknown.
John Mauldin
